Sotheby’s expands its NFT business.
As a proof of its commitment to the craze, Sotheby’s auction house unveiled a separate portal for NFT collectors on Thursday and planned a twice-yearly sale of the digital artifacts.
A non-fungible token (NFT) is a digital asset that can be a drawing, animation, piece of music, photo, or video with a blockchain-based proof of authenticity. The security of this authentication through a network of computers is unquestionable.
They’ve exploded in popularity as a result of the pandemic, bolstering the contemporary art market.
According to a survey released this month by Artprice, NFT sales currently account for 2% of the worldwide art market.
They were almost unknown a year ago, but have since broken auction records.
Christie’s in March auctioned a totally digital work by American artist Beeple for $69.3 million.
Sotheby’s sold the source code for the World Wide Web for $5.4 million in July.
Buyers will be able to build a personal profile on Sotheby’s “Metaverse,” complete with an avatar made by crypto designer Pak.
They will be able to pay in fiat currencies or cryptocurrencies such as Etherum, bitcoin, and USDC, according to a news release from Sotheby’s.
The first auction, titled “Natively Digital 1.2: The Collectors,” will take place from October 18 to October 26 and will feature 53 pieces.
Pak, Rare Pepe, and Larva Labs are among the artists whose work is available.
The auction will be held every two years, according to Sotheby’s.